28 May 2016
Conveyance deed of an old cooperative society is being registered now. The flats are purchased long back (2003) and all the payments are made to the builder under agreement of sale. The value of the building was 32L in 2003 and now it is 69L for stamp duty purposes. The registrar is insisting on TDs @ 1% now. Please advise whether 194IA is applicable to the society now as the society does not even have a PAN. And if the TDS has to be deducted, it has to be deducted on what amount? as no amount is paid to the builder after 2013.
28 May 2016
If all the payment have paid before 1st June 2013 than TDS will be not deduct. U/s 194IA TDS deduct only on installment / Lumsum payment paid after 1st June 2013.
Hopefully following articles will be helpful to you : https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
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